Bloomberg News

Petroplus Gets Two Offers for French Refinery Ahead of Deadline

August 24, 2012

Petroplus Holdings AG got two bids for its Petit-Couronne refinery in France ahead of today’s deadline for offers, according to the plant’s management.

The bids are from Netoil Inc. and Alafandi Petroleum Group, Zug, Switzerland-based Petroplus said today in a statement. A French court is scheduled to announce which company gets the refinery Sept. 4.

APG and Netoil had already signaled an interest in the refinery to the court July 24 and have now completed the necessary paperwork, Petroplus said. The deadline for offers is midnight tonight.

Netoil, based in Dubai, has said it plans to upgrade the plant and keep it running if its offer is successful. The 154,000 barrel-a-day plant was shut in January after Petroplus, once Europe’s largest independent refiner, filed for bankruptcy.

Royal Dutch Shell Plc (RDSA), which previously owned Petit- Couronne, has been operating the facility since June under a six-month tolling arrangement where it supplies crude and takes ownership of the products.

Petit-Couronne was one of five plants in Europe operated by Petroplus. Three of its facilities have been sold to trading companies that will keep the sites operating, while the fourth, Coryton in the U.K., will be converted to storage.

To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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